Bank of America Merchant Services

Bank of America Merchant Services was a merchant services company owned by partners Bank of America and Fiserv. It was among the largest payment processing companies in the United States based on card-transaction volume.[1]

Bank of America Merchant Services
TypeJoint venture
IndustryMerchant services
Founded2009
DefunctJune 2020 (2020-06)
ParentBank of America, First Data
Websitemerch.bankofamerica.com

Bank of America Merchant Services was created by Bank of America and First Data in 2009.[2] Bank of America Merchant Services manages sales and customer service and First Data handled the transaction processing.[1] In 2013, the company was the largest U.S. merchant acquirer by Visa and Mastercard volume, processing $517 billion in payments.[2]

The company expanded into Europe in 2016[3] and operates locations in the United States, Canada, and Europe.[4]

Bank of America ended this joint venture with Fiserv in 2020 and established its own independent Merchant Services platform.[5]

References
  1. "Bank of America Merchant Services moves money to South Florida merchants". Miami Herald. 14 April 2017. Retrieved 22 January 2018.
  2. Ensign, Rachel Louise (26 September 2017). "Bank of America Venture Trims 10% of Staff as Part of Digital Push". The Wall Street Journal. Retrieved 22 January 2018.
  3. "Bank of America expands merchant services". Business Insider. 14 April 2016. Retrieved 26 January 2018.
  4. Manning, Margie (26 January 2018). "Tampa workers laid off in Bank of America Merchant Services cutbacks, report says". Tampa Bay Business Journals. Retrieved 10 November 2017.
  5. "Bank of America ends joint venture with Fiserv's First Data". Reuters. 2019-07-29. Retrieved 2022-06-09.


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